RahmanSL
Major
- Messages
- 2,938
@The Oil & Gas Trader.....what's your thoughts on the much anticipated rescheduled OPEC+ meeting on 1-July-2021?
As you know, the meeting is to try to decide on whether or not they’re going to raise production by the expected 550,000 barrels or a "surprise" 1,000,000 barrels a day which, if its the later, is unlikely to have any lasting impact on the price. Reportedly, the meeting was delayed to give the various ministers of member countries to discuss & agree on the amount of oil they can put into the market. Whether member countries will adhere to the agreed quotas is of course questionable especially Russia who might think they don't have to play ball.
Global oil inventories are falling and there are more evidence that U.S. inventories are falling as well and so there is a demand for oil which is in a tight squeeze now going into the expected high demand summer months.
As you know, the meeting is to try to decide on whether or not they’re going to raise production by the expected 550,000 barrels or a "surprise" 1,000,000 barrels a day which, if its the later, is unlikely to have any lasting impact on the price. Reportedly, the meeting was delayed to give the various ministers of member countries to discuss & agree on the amount of oil they can put into the market. Whether member countries will adhere to the agreed quotas is of course questionable especially Russia who might think they don't have to play ball.
Global oil inventories are falling and there are more evidence that U.S. inventories are falling as well and so there is a demand for oil which is in a tight squeeze now going into the expected high demand summer months.